Key facts:
Several people consulted say they ignore what bitcoin is or what cryptocurrencies are.
From the Central African government, they express optimism about the adoption of bitcoin.
A few days after the sanction of the law that makes bitcoin (BTC) legal tender in the Central African Republic, testimonies from the inhabitants of that nation are beginning to be known.
In a country where less than 8% of the population has access to the Internet and only 14% have electricity at home, the use of cryptocurrency does not seem to be going to become something massive, at least in the short and medium term.
For example, Dina, a vegetable seller who possibly represents the majority of the inhabitants, says she does not know what Bitcoin is. “I don’t know anything about that,” he replied to the France 24 journalist who interviewed her. “Do you have Internet?” was the next question, which also had a negative answer.
Jordy, a young Central African who introduces himself as a student, also manifests ignorance about Bitcoin. “I have no idea about the cryptocurrency you mention, I don’t know what that is,” he told the French press worker.
As CriptoNoticias reported, article 10 of the law drafted by President Faustin-Archange Touadéra establishes the obligation to accept payments in bitcoin by all suppliers of goods and services in the country.
For the peace of mind of Dina and many other merchants without Internet access, the law that makes bitcoin legal tender in the Central African Republic provides for exceptions. Excluded from the obligation are “those who, due to a notorious and evident fact, do not have access to technologies that allow transactions in cryptocurrencies.”
Bitcoin, financial inclusion and new opportunities
Those who understand a little more about the matter are, in general, optimistic about the adoption of bitcoin as a currency. Mahamat Selim, an economics student, considers that bitcoin has great potential for the region.
He explains that in the traditional banking system there is no financial inclusion. This leaves many out because, to request a loan and other operations, yes or yes, it is necessary to be able to access a bank and, in that country, it is not easy or cheap.
Another who expressed himself favorably days ago, as reported by CriptoNoticias, was the Minister of State, Obed Namsio. “The adoption of bitcoin as the official currency represents a decisive step towards opening up new opportunities for our country,” said the politician, who highlighted the unanimous approval of the law.
Of course, President Touadéra is also extremely optimistic. For this 65-year-old mathematician, Bitcoin will contribute so that the Central African Republic ceases to be an “invisible” nation and becomes a “recognized and appreciated” country.
A long way to go
The Central African Republic has a long way to go on its recently started bitcoiner journey. As happened in El Salvador a year ago, bitcoin adoption comes with promises of ATMs and a trust that will guarantee conversion to fiat money. The general ignorance about bitcoin is also something in common in both nations.
But the differences become evident. At the time the law was announced by Salvadoran President Nayib Bukele, the country already had tiny but very active bitcoiner communities in its territory. In addition, the economic and social situation of the Central American nation, even with its crises, is several times better than that of the Central African Republic.
Neither has there been, so far, any intrepid group of “bitcoin evangelists” who have expressed their willingness to go and educate Central Africans about bitcoin, which did happen in the Salvadoran case.
For all this, the bitcoiner path in the African country will not only be long but also arduous. It remains to be seen how this story unfolds to see if the hopes of Touadéra, Namsio and the young Selim reported here come true.